How do the DVC points translate to RCI? Is there a point conversion chart online?
There are 3 seasons, Low, Medium and High. Basically assume that where you want to go is always HIGH season and you'll be pretty close. Plus the differences are not that large anyway. DVC would be a poor choice to exchange for low anyway and not great for most MID options. HIGH is 270 for a 2 BR and 160 for a 1 BR.
Always go on the wait list if you're sure you want a given option. You can borrow subject to the other rules just like you were booking a DVC room. For Aruba, there are 9 resorts. Of those, I'd only consider Casa Del Mar, Costa Linda, Playa Linda and ABC. Even then they are all below the level of DVC, about an 8 to 8.5 on a 10 pt scale. The Occidental Grand is a mandatory all inclusive resort which we avoid in places with good restaurant options. Aruba has great, albeit expensive, restaurant choices.
One needs to plan a good year out for most options. I think the ONLY thing one can wait list is exactly a full week. options for points reservations come online exactly 10 months out.
Exchanges are non refundable, once they find a match, they take your points so be sure. But they only take them IF they find something that's on your search list, if they have something close they may call you. If you match, accept an offered option or do deposit first, the points are gone. Otherwise if you don't match or cancel prior to a match, there is no commitment and even the $95 exchange fee is refundable.